Agribusiness Farm Management Final Review

Agriculture law is most often classified as

Goals are broad statements that show where you want to be after a period of time?

The failure to use reasonable care under the circumstances.

Market is the actual integration between potential buyers and potential sellers.

You sold the cattle for $400.00 a piece.

What does TFC stand for?

Perfectly competitive market is when all goods are perfect

Wal Mart is considered a marketplace.

Food product processors = produce for retail & produce for food svc

As long as you have supply you don’t need the demand.

Medical and Dental are types of professional services.

Basic skills are the ability to make good decisions in a constantly changing economy?

The mission of the EPA is to only protect animals.

If you do something on your land, and it affects your neighbor negatively, you are responsible.

Of the 2 million farms in the US 85 percent are family farms

On a global basis the food industry is the largest in terms of people employed

A trespasser is someone who is invited on to your land.

On a global basis the food industry is the smallest in terms of people employed.

An example of a licensee is a postmaster.

A socially responsible business will enact product recalls of unsafe products

14% retired, 38 small farms, 8% are large farms 40% farm as a hobby

Producers buy from the farm service sector and sell to the processor sector.

Public sector businesses account for ___ of all goods and service sold in the United States.

The marketing sector brings consumer what they want, where they want it.

What act protects the consumer from buying bad meat?

Marketplace is a physical place where buyers and sellers come together.

In order to have a valid contract the individuals need to be of?

Management levels are never eliminated and supervisors are reduced.

OSHA ensures safety and healthy working conditions.

Perfectly competitive firm: includes various assumptions

You sold pigs to the local youth for $225.00 a piece.

For your own personal landscape you spent $200.00 on plants.

Business plans are written proposals describing a prospective business

You sold wheat for $11.00 per bushel and $13.00 per bushel.

The farmer feeds about 200 mouths

A market place is where you can get fruit.

The marketing sector creates value in the food industry by changing the type of food.

The EPA stands for the Ear Protection Act and pertains mostly to gun owners.

Farmers are producers.

A slaughter house is considered a processor.

A demand curve shows is always downward sloping

OSHA stands for:

You see a trespasser on your land & do not ask them to leave they are no longer trespassing

In many developing countries, more than half of the labor force is engaged in agriculture.

A disadvantage is time consuming and creates greater chance of making a mistake?

What does TC stand for?

A big business is usually ______ or ______.

Law of diminishing marginal product = each added input will eventually decrease.

Point of profit max is at point of tangency btw TC curve & line drawn to TR curve

When an individual fails to comply with the terms of a contract this is a:

For Christmas you bought your wife a brand new diamond ring for $560.00.

Ceteris paribus- all things considered different.

Income taxes plus some business analysis = records necessary

You have the duty to keep you buildings in good repair.

The Doctrine of Attractive Nuisance protects who?

Today roughly one-half of all spending on food is for food eaten away from home.

Exports and imports have increased, in similar fashion, in other countries around the world.

Demand is the relationship between price and quantity demanded.

A demand curve is always upward sloping.

3 categories of individuals coming on your land is invitees, licensees, and trespassers.

Production records are crop yields, calves born, and death loss?

You sold wheat for $12.00 a bushel.

“No Trespassing” signs pertain to people who:

A balance sheet shows net worth for a specific date.

Efficiency of the fixed factor increases as output increases.

EPA stands for:

What is a contract?

There are about 2 million farms, a decrease of an estimated 4.5 million over 100 yrs

Farm mgmt- is concerned with decisions that affect profitability of farm business

Prices of complimentary goods, are normally consumed together or jointly.

Marketplace is a physical place were buyers and sellers come together.

You pay your children $7.50 a hour for farm work

Demand and supply are the same thing.

Approximately 1/5 of all jobs in the US are related to some aspect of the food industry.

There are 4 service types, business, professional, information, and internet.

Profit (x)=M-MC

According to this, certain agreements must be in writing.

You do not have the duty to inspect your land in order to warn invitees of hidden dangers.

A market place is a physical place where buyers and sellers come together.

Food industry can be divided into 4 sectors: service, producers, processors, and marketers

Profit is defined as money that is spent.

Equilibrium price = quantity demanded is equal to quantity supplied & market clear

What does AFC stand for?

The food industry can be divided into four major sectors

Food quality act never put harsher restrictions on food exposed to pesticides and fertilizers.

You paid a custom harvester $47.00 per acre. The person hired, combined 140 acres of your corn.

Demand schedule identifies specific price quantity demanded

Perfectly competitive firm = market determines price per unit @ which firm can sell output

Quantity is how many of an item they got and how many they will sell

Tastes and preferences, never change.

Popped a tire on the tractor. Cost of repair and maintenance was $ 564.35.

Production is an effective and efficient system that most consumers take it for granted.

What does AVC stand for?

An example of a farm service sector would be Southern States.

Sold heifers for $600.00 a piece & bulls were sold for $560.00 a piece.

What does ATC stand for?

These rights are read to you before and arrest is made

An advantage is always higher in cost.

What does MC stand for?

Demand is the relationship between price and quantity demand